Lesson 2.3 Factors of Production/Economic System

The amount of agood or service that consumers are willing and able topurchase at acertain price

Goods such as machines and tools, used in the production of other goods and services

When demand exceeds supply, prices go up this is called

What factor of production do you see in picture?

The skills, talents, and education of people used in the production of goods and services

What is 'economics'?

The 3 questions that must be answered by the economic system are

An opportunity cost is

The economic system in which the buyers and sellers decide on goods (no government involvement)

Inflation results in a higher price charged by a company.

Which is NOT one of the 3 economic questions?

examples of entrepreneurship

What factor of production do you see in picture?

Land ,labor,capital and entrepreneurship are factors of Production

For something to be SCARCE, it must be

Resources that are found in nature and used in the production of goods and services.

One of the factors of production enterprenurer can be defined as

What factor of production do you see in picture?

A tax on goods coming into the country is called

What factor of production do you see in picture?

The amount of a good or service that business are willingand able topurchase at a certain price

What are the factors of production?

A person who takes the risk to start their own business is called

If consumers want more of a good than the amount supplied

This economic systems includes free enterprise with some government control.

An increase in average price prices of good and services in a country is know as

Nike just released a new idea for a shoe that ties itself. What factor is this?

Differences among economic systems is in the way they answer three basic questions, which are

The government controls all aspects of the economy in which system?

A cell phone would be considered a..

It can occur when a government tries to solve economic problems by printing more money